Realty high in Krishna’s city

Geetu Vaid

The Yamuna Expressway has not only proven to be a perfect landing strip for IAF’s supersonic fighter jets, it has also made the real estate fortunes in cities like Vrindavan and Mathura take off to touch new heights. With the Expressway cutting down commuting time between these cities and Delhi considerably, a large number of buyers are now considering these temple towns as options for second homes. All this is evident from the heightened real estate activity and launch of new projects in these cities over the past couple of years after the Expressway became operational. Vrindavan, which is at a distance of about 164 km from Delhi and 10 km from Mathura, has taken a lead in this regard with over a dozen residential projects under construction at the moment which include a couple of integrated townships also. The city suffused with the imprint of Lord Krishna and his consort Radha, holds a special place in the hearts of Krishna worshippers from all over the world.

Demand drivers

Each year millions of devotees visit this small town which is fast becoming a bustling city with multi-storey apartment blocks and commercial centres springing up on the outskirts of the city. According to experts a majority of buyers are from Delhi and other cities in UP as well as NRIs  as only 15-20 per cent of buyers are from Vrindavan. “The demand here is mostly from the buyers in Delhi and NCR region who are looking for a second home here where they can come on weekends and enjoy the spiritual ambience of the city”, says Ravindra Chamaria, Chairman & Managing Director, Infinity Group, that is investing 1,000 crore on Krishnabhoomi project in Vrindavan. Apart from this the refinery in Mathura as well educational institutions like GLA University, Rajiv Gandhi College and School, KG Dental College also generate demand in the realty sector.  Growth of industry is another positive factor for the growth of real estate sector here. According to real estate experts industry in this belt is likey to grow at a rate of over 40 per cent over the next four to five years and this will not onl6y mean more jobs and influx of workforce but also a demand for housing options. “The infrastructure proposals connecting the three cities – Delhi, NCR and other parts of Uttar Pradesh – have aided this demand. This includes the operational Yamuna Expressway and the widening of NH-2 (underway)”, says Mohit Goel, CEO, Omaxe Limited.